Australia’s treasurer, Jim Chalmers, signed off on an order requiring that Yuxiao Fund and four other investors dispose of their stake in Northern Minerals. Yuxiao Fund is based in Singapore, but reportedly has cooperation agreements with Chinese conglomerates that dominate the rare-earths sector. (The Logic)

Talking point: Australia’s actions mirror divestment orders made by the Canadian government in the lithium industry, as both countries try to build competition to counter China’s dominance in critical minerals. Rare earths are on the list of minerals considered critical to Canada’s economic security thanks to their importance for building electric motors, military jets, hard drives, and robots. But China processed about 90 per cent of the world’s rare earths in 2022. Chalmers announced last month that the Australian government would dedicate more resources to screening foreign investment in critical minerals, citing increasing national security threats.